TRADING PLAN - FRI 22-05

TRADING PLAN - FRI 22-05


NEWS
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Recent Past----------
Good
EUR, NZD

Mixed----------
USD

Bad----------
GBP, JPY

Upcoming today-----------
***EUR***16.30 ECB speech
(1900-2200 misc)



CURRENCY SUMMARYS
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AUD strong and ****pulling back****. VERY Small spike in volume in the night
CAD weak and gaining moment
CHF mixed - more down. Weaker than EUR
EUR mixed
GBP mixed
JPY weak but ****pulling back VERY STRONGLY****
NZD strong momentum faded
USD weak ****pulling back****

Synced Pairs
NZD
JPY
AUD (exc NZD)
(Asian theme?)

OBSERVATIONS
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GBP - price action does not match recent news releases
AUD - s loosing up momentum on daily
AUD, NZD, JPY - ASIA seems to be the control currencies
CHF - Took hit yesterday - was it because it was a BH? (Was it justified?)
JPY - Looks too strong to trade today


DAILY TRADING CONCEPTS
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Trades should involve AUD, NZD or JPY (Careful with AUD)
Look for GBP shorts
CHF recovery? (But theres no evidence…)

(Its FRI so pack up by 5-6pm)



FOCUS PAIRS
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---AUD (I'd rather not if I can)---
GBPAUD
AUDCHF

---NZD---
NZDJPY ***very strong pull back on other pairs***
NZDUSD
GBPNZD

---GBP---
GBPCHF



SETUPS
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GBPAUD

AUDCHF

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NZDUSD

NZDJPY

GBPNZD

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GBPCHF

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FOCUS CURRENCY SUMMARIES-------

AUD

NZD

GBP

Comment:

Rejecting the AUDCHF trade (chf weakness) because
-it contradicts the GBPCHF trade (CHF strength)
-I'm uncomfortable with AUD
-the macd does not align

Comment:

REVIEW OF DAY
----------------------------------------------------

I took the GBPCHF in the end. I messed the entrance up - I dived in mid H1 candle (because 15m candles looked good) and ignored the stoch telling me it was too soon. I was punished with price flopping about for an hour or so.

I started well then was REALLY struggling. My instincts were screaming to take profit off when I was almost 1:1 but was I got burned last week closing trades too soon I let it go. Because EUR news was coming I took 10% profit and went to break even. In the end I got virtually a scratch 0.3% profit.

LESSONS LEARNT
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I think I need to trust my instinct more and start closing trades sooner. I'm starting to see a pattern of that I'd grow my account a few percent more each week rather than break evens.

I also had in my head that if price can't break after a pullback to 1.5 for example, its not going to break until it pulls back further.

Well, i least I haven't taken a loss again - its becoming an issue as I haven't taken a loss in 2 weeks so i'm emotionally feeling like thats the norm - IT ISNT!